Talking Crypto & Taxes with @lpfaust...Denver Day for Crypto.
Today I sit with @lpfaust and discuss taxes, Crypto and the conference held at the Westin Hotel for the Denver Day for Crypto.
Today I sit with @lpfaust and discuss taxes, Crypto and the conference held at the Westin Hotel for the Denver Day for Crypto.
That's a great talk @broncnutz. I also like to attend such events where people from multiple domains come across you. I think conferences like these help you with learning about cryptos combined with other aspects of your financial life. How the systems are changing and the way operation works now. They also help you to network superheroes like you and @lpfaust. It should happen all over the world multiple times which in turn will take Cryptocurrencies to the main stream.
I agree with him saying that a lot of the system is still centralized and we are still trying to onboard as many people we can to this Decentralized world. That's the power of network. Cheers guys and I hope to see more interviews from you guys. :-)
@hungryhustle I think by far the best speaker during the event was Erik Vorhees. He had some very well reasoned thoughts around how the age of decentralized money is on par with the significance (both of the fight and subsequent change) experience from religion and science.
I wish i'd recorded it, but I think it dovetails so well with what we are seeing in the rise of neo-triablism, movements such as the localvoire movements and to a much larger degree the rise of stateless terror organizations. It's something I've been writing a series about which I will one day publish.
Might need some crypto accounting soon, nice work.
Ha ha... those momos on youtube doing it for free! Great interview... thanks I'm going to check him out.
You dumb youtubing MOMO's!!!!!!!! We get paid for out thoughts up in here son!
LOL!
I started buying cryptos in July and had to get up to speed on the tax issues when I filed my return for 2017. I was disappointed that crypto transactions wouldn't qualify for like-kind exchange treatment. (Well, I was not willing to treat my transactions as like-kind exchanges and take the risk the IRS would disagree.) There is good software published by BitcoinTaxes that can download transactions from the major exchanges and handle the purchases and sales for tax purposes. The analysis can be saved to a file that can be uploaded to TurboTax. (This only works on the CD version of TurboTax, not the online version.) This made doing my taxes a breeze.
My software of choice for tracking all the recordkeeping for crypto is cointracking.info. Amazing piece of software supporting so many platforms and exchanges with API hooks.
I'm not familiar with that software. I was very happy with BitcoinTaxes. The price was reasonable and it saved me from having to spend dozens of hours doing the work by hand.
@smartbot tip @lpfaust 5
Σ$$$ Tipped @lpfaust
Σ5 SMART! Comment@smartbot helpto claim. Currently the price of SmartCash in the market is$0.207 USDperSMART. Current value of the tip is$1.03 USD. To find out more about SmartCash, please visit https://smartcash.cc.Hey Mr NUTZ! Just wanted to stay in touch and let you know how inspiring and influential you have been on my life, my fathers, and countless others. Quite amazing. When you joined you probably didn't know how much effect you'd have on others.
Same with me. I've influenced many people's travel plans, and how they even look at traveling in general. I've helped plan retirements and given all sorts of travel strategy too. It's truly incredible the influence people can have by just getting exposure through steemit.
Seeing you at Anarchopolco and now here at this convention really has me motivated to follow in your foot steps, now that I have the means, basic crypto knowlege, and interest in the subject I'm planning on getting involved like you are. So thank you for the crypto education and inspiration to be more NUTZ! Where is the next crypto convention, maybe I can attend?
Checking in from Cusco Peru! 11,300 ft above sea level home of Machupichu! -Dan, Steemit's "World Travel Pro!"
Peru?!?!?!?! U SUCK!!!!! I have always wanted to check that joint out. Thanks for the kind words cuz, I actually dont really know what the masses think of my blog to tell you the truth. I just try to make the best vids I can and then just let the chips fall where they gonna fall. I think the next GOOD convention is gonna be at Anarchapulco next year. Its fun there, you should most def try and make it. You dont have to stay at the hotel, there are lots of options.......hell who am i friggin talking to???? Trying to give a "World Travel Pro" traving advise......gonna shut up now.
I almost spat up my Alpaca Steak! Reading this final part. lol
Yes, I'll likely sniff out a joint for 12 dollars a night three blocks outside of the tourist area then chill on the luxury premises all day with and others! After all it is Mexico, not Luxembourg. That would be the Budget Travel Pro thing to do! lol
But who knows I may be balling in steem by then! And just go for it like you did this past year. So I'll certainly keep this convention in mind and hopefully be able to work it into my travel rout. As I'm heading to Europe for the Summer and Fall so not sure if the timing will be right.
However I did promise myself I have to go to steemfest this year. So no mater where in the world it is I've got to go. Do you plan on going to Steemfest this year?..... assuming there is one, I haven't heard an announcement.
Thanks for getting back to me with this great info. Much appreciated. By the way Alpaca Steak is friggen gooooood! I'm eating my very first this moment and almost spat it all over my screen! lol
Have a great night Cuz! I'll be intouch.
One very interesting thing Faust said towards the end of the video, monetary system based on mathematics. I kind of know that blockchain runs by solving mathematical problems and mining blocks. But do you have any resources....any books or articles for example which explains the technical details....the mathematical details of how it actually works? I've been trying to understand exactly every minute detail of the blockchain technology and so far i only have the basic idea....but I have this habit of being absolutely thorough with something before I try to preach it so people....in this case to people outside the world of cryptocurrency.
Faust is a smart dude cuz, follow him....you can trust his info.
Yep, Already following him :D
Nice interview. Wonder what the wait the world will look like when people will “NEED” to buy crypto. I’m excited and nervous for that day.
On a side note; what did SALT lending have to say?
As i scroll to the next video... i see it’s SALT. Doh
Wow very nice event. Keepkey had a nice sign there. Accountants specializing in BTC could do very well.
@realestatecoach one would think with the dramatic rise in overall interest in cryptocurrency, most accountants would ahve moved into this space immediately. The reality is most are avoiding it and echoing the "ponzi scheme" talking points. It became an area of speciality for me out of necessity once I purchased my first Bitcoins in 2013. Now I have more demand coming my direction for services than I can handle.
I think within the next two years, the accounting profession as it currently exists is in serious danger of significant bleed out due to blockchain tech. Blockchain directly targets everything my profession offers as a service. For the time being, yes an accountant with knowledge about the space is a hot commodity.
With the price of Steem down so much, I think I will report a loss and Get a deduction from my income tax. Thanks for posting, wish I was there with you
@briandenver just remember if you have no capital gains to offset against the losses, you will be capped at $3,000 for deduction against your ordinary income. Bear that in mind when considering if you should take the loss.
Nice to meet James, Very healthy discussion @broncnutz